This was retweeted a surprising number of times:
Throw More Money at Education, by Noah Smith: It’s become almost conventional wisdom that throwing more money at public education doesn’t produce results. But what if conventional wisdom is wrong?
A new paper from economists C. Kirabo Jackson, Rucker Johnson and Claudia Persico suggests ... that spending works. Specifically, they find that a 10 percent increase in spending, on average, leads children to complete 0.27 more years of school, to make wages that are 7.25 percent higher and to have a substantially reduced chance of falling into poverty. These are long-term, durable results. Conclusion: throwing money at the problem works.
Here’s the hitch: The authors find that the benefits of increased spending are much stronger for poor kids than for wealthier ones. So if you, like me, are in the upper portion of the U.S. income distribution, you may be reading this and thinking: “Why should I be paying more for some poor kid to be educated?” After all, why should one person pay the cost while another reaps the benefits?
Well, let me try to answer that. There are several good reasons. ...